Scenario:
All media would be on same drive but with a folder for each event on the drive. For example, one folder would be for sound FX while another folder would be for footage.

My train of thought says to go to the Library Inspector then modify the settings for the storage location followed by selecting the event and choose Consolidate Event from the File Menu. After that I would repeat the settings for the other libraries. I assume the Consolidate button in the Library Inspector window would affect all the events in that library.

I might decide later to add more sound FX so I would setup my folders for organizing. Other than that there are other reasons.

I do know that changing the storage location frim one external location to another, even on the same drive, would copy the media.

Your logic seems sound to me. I only use one event though, and I usually organize in the finder the way you're talking first, then drag my folders into the event, automatically creating keyword collections for each folder. Then I generally group keyword collections together in Event folders. A folder called audio might have keyword collections SFX, music, VO and a folder called camera originals would have all kw collections like Cam 1, 5D, or steve's cam, etc. A GFX folder would have stills, animation, screen grabs...

[David Mathis]"All media would be on same drive but with a folder for each event on the drive. For example, one folder would be for sound FX while another folder would be for footage."

This is what FCP X does already.

A Library is package folder on your Mac. You can look inside of it by right-clicking and selecting Show Package Contents

Each Event in a Library is implemented as a Folder under that Library folder so FCP X is already keep the media from each Event in separate folders for you within the Library. The original media is in a subfolder of the Event folder called "Original Media". Rendered files and Transcoded Media have their own subfolders as well. Everything is organized into folders under each separate Event in the Library.

For example: If you had a Library called "My Big Project" with three events called "Footage", "Sound FX", and "Music". The folder structure of your Library would look like:
─ My Big Project
├── Footage
│ └── Original Media
├── Sound FX
│ └── Original Media
└── Music
└── Original Mediaand all of the media would be in their respective Original Media folders under their individual Event folders.

You can, of course, keep all of your media external from the Library but then it's your job to keep them in the proper folders on the filesystem. I prefer to have the Library manage that for me.